Centre has appealed industry leaders to pass on the benefit of GST rate reduction to the consumers.
In a letter to all the major Fast-Moving Consumer Goods(FMCG) companies, Central Board of Excise and Customs (CBEC) Chairperson, Vanaja Sarna stressed on the need to immediately revise the MRP on all the products in which reduction of GST has been announced.
The Chairperson also requested them to give wide publicity to the revised MRP of products.
In a statement, Finance Ministry said, it expects that the industry would immediately respond to the earlier appeal made by Finance Minister Arun Jaitley on this issue.
The Ministry said the benefit of reduction in the GST rates has to be passed on by the suppliers to the consumers. The reduction in GST rates is also expected to encourage domestic demand and investment.
The GST Council on 10th of this month had reduced taxes on 178 items which came into effect from 15th of November.